Financial services are the business of providing access to credit and loans, investing capital, financing businesses, safeguarding assets, and helping consumers save and spend wisely. A healthy financial services sector allows people to take out loans for homes, cars and college tuition, helps families manage cash flow, and provides a safety net in the event of illness or injury. It also gives millions of small and medium businesses the resources they need to grow, creating jobs for more people.

When most people think of the financial industry, they imagine banks, brokers and mortgage lenders. But those are just three segments of a much larger and more diverse industry. It includes insurance companies, investment firms and Wall Street, as well as a variety of smaller financial institutions that provide essential products and services to people and businesses.

For example, a person might use a debt resolution service to negotiate with their creditors and settle their outstanding bills for less than they owe. Other common consumer services include savings accounts, credit cards and mortgages. Financial services providers might also offer payroll services, facilitate stock and derivative trades, or even handle global payment networks like Visa and MasterCard.

These days, many financial services firms operate as conglomerates that offer multiple products and services. Banks, for instance, once stuck to their niche of offering checking and saving accounts, but now they also offer personal and mortgage loans. And brokerage firms once focused on investing in stocks and bonds now offer a wide range of other products as well.